An Introduction to Debt Policy and Value Essay

What remains to be seen however, is whether shareholders are better or worse off with more leverage. Problem 2 does not tell us, because there we computed total value of equity, and shareholders care about value per share. Ordinarily, total value will be a good proxy for what is happening to the price per share, but in the case of a relevering firm, that may not be true. Implicitly we assumed that, as our firm in problems 1-3 levered up, it was repurchasing stock on the open market (you will note that EBIT did not change, so management was clearly not investing the proceeds from the loans in cash-generating assets). We held EBIT constant so that we could see clearly the effect of financial changes without getting them mixed up in the effects of investments. The point is that, as the firm borrows and repurchases shares, the total value of equity may decline, but the price per share may rise. Now, solving for the price per share may seem impossible, because we are dealing with two unknowns—share price and change in the number of shares: Share price=Total market value of equity

Ancient Egypt: Palaces and Pyramids

Palaces and Pyramids: A Deeper Look Pyramids have long been an image of ancient Egyptian lands and culture, being one of the most recognizable aspects of their life and culture. Huge man made buildings give tourists and many alike a view into the past the dedication these ancient people put-forth to their craft and cause. Not long before these great pyramids were raised, another people like the ancient Egyptians built huge complexes themselves.Great palace structures like that of Sargon II, discovered in Dur Sharrukin where present-day Khorsabad, Iraq is located, allow us to understand how these people of the Ancient Near East were vastly similar and respectfully different from the people of Ancient Egypt. The pyramids of Ancient Egypt help us journey into the past and help us gain an idea of what these huge structures meant to the people constructing them, and those who they were constructed for. These structures were built for the burial of kings, rulers, and people of the like.The y were raised high to the sky, thought to help these fallen leaders become closer to the gods and to allow an easy transition into the afterlife. They had slanted triangular walls which are thought to represent the slanting rays of the sun. The first of these burial chambers was a mastaba, which was low, solid, and rectangular in shape. These mastabas consisted of a chapel where the deceased person’s family and friends could pay tribute through the offering of gifts. A serdab was also inside the mastabas where the statue of ka (believed to be the soul of a person) was placed.An underground burial chamber completed the construction of the mastaba. These mastabas were originally built with mud brick, but as the culture progressed they were built with limestone. Eventually, the mastaba evolved into a much larger structure. This structure was a stacking of mastaba forms with a large mastaba at the base and decreasing in size as it extended vertically, like steps. The stepped pyra mid, as they were called, contained an original mastaba towards the center of this raised structure. It also contained an underground burial chamber just like the original mastabas.These huge pyramids were built with massive quantities of limestone making them very sturdy structures being able to withstand strong weather conditions. The pyramid structures that followed were slightly different in their structure and composition. They no longer contained the original mastaba like that of the stepped pyramids. Instead, they enclosed ascending and descending corridors leading to and from the underground burial chamber. There are also different in that they have small corridors that are believed to be air shafts. The most famous of these pyramid structures are the Great Pyramids of Giza in Giza.These pyramids were built by three successive kings Khufu, Khafre, and Menkaure. Placed on the west side of the Nile, these pyramids were constructed as funerary temples for the three kings, each having his own built where he was to be place upon his death. These pyramids are of the regular pyramid variety, not displaying the steps like those of the stepped pyramids. The building of these pyramids was no ordinary task. Teams of workers transported stones averaging 2. 5 tons by muscle power, placing logs underneath as rollers, and sliding them across mud on sleds.When the kings died, they were embalmed and placed inside a coffin which was placed deep and underground within the pyramid inside the burial chamber. A large 50-ton stone block sealed off the burial chamber. These pyramids were used as a protection device as the kings’ souls each climbed to the sky to be amongst the gods. These pyramids of Giza also contained three false passage ways to further protect the kings from intruders entering the pyramid. Inscriptions of the deceased kings depict them climbing up rays of sun to join the sun god Ra.These inscriptions help tell us that the Egyptian people were highly invested in the afterlife and spent much time preparing for it. It also reinforces the structure and function of the pyramids as their slanting walls were thought to be built in accordance with the rays of the sun. The palace complexes of Assyria during the time period of the Ancient Near East were no slouch to the pyramids of ancient Egypt. These huge complexes were elaborate in design and structure as they were built for similar reasons to the pyramids of Egypt.These palace complexes were constructed in honor and tribute of kings just like the pyramids of Ancient Egypt. However, these palaces were built in honor of military victories and ruling success, unlike the reasons of the pyramids. Constructed with adobe brick, limestone, and marble the complexes were used with different kinds of material unlike the pyramids of Ancient Egypt. These complexes were lined with relief sculptures, paintings, and wall reliefs describing military victories of kings. These works helped show the pow er of the king to the people visiting and entering the complex.A famous palace complex was built by Sargon II and was located in Dur Sharrukin. Surrounding the castle complex was a protecting fortress. The palace complex was guarded by two towers and was only accessible by a wide ramp leading up to an open square around which government and religious officials were scattered about. The main courtyard was beyond this complex which housed service buildings on the right and temples to the left. The heart of the palace was just past the main courtyard where the king’s residence was located. A gate with large a pair of lamassu guarded the entrance to the king’s palace.Inside the palace was a large ziggurat made up of seven levels each painted a different color. This ziggurat was a symbol of the king’s claim to his empire. Both the pyramids of Ancient Egypt and the palace complexes of Assyria were massive architectural achievements of their respective time periods. Th ese huge structures help show the kind of religious and military commitment that the people of these two periods possessed. The palaces and pyramids were both built upon the idea of honoring the kings of the time, each through a different avenue.The pyramids of Ancient Egypt were used as a funerary complex to honor and ultimately assist their kings into the afterlife where they would live for eternity with the gods. The palace complexes were also built in tribute of their king but were used to honor military achievement and ruling success. Although we are uncertain of the exact meaning of everything to do with the two structures, they allow us to take a journey into the ancient world and better understand the culture and life of these interesting people.

Stress

The stress analysis of a imple suspension system of car is done in this report which not only provides the reader with the stress calculations but also gives an insight of how proper stress analysis of real life problem can be done by using simple engineering formulas and techniques. Only one member of complete assembly is analyzed in ANSYS and the results were really promising. Acknowledgement:- We are thankful to Dr. Khalid Rehman for teaching us so well that we were able to do the stress analysis of a real life problem.Without his teachings nothing in this report could be done. We are thankful for his time and help which he always gave during time of any confusion or problem. 1 . Introduction†¦ 2 2. Problem 33. CAD Model Statement † 34. Manual Solution 7 4. 1. Force Analysis 7 4. 2. Stress Analysis ? 10 4. 3. Failure Analysis 11 4. 4. Deformation Analysis †¦.. 12 5. ANSYS Analysts 13 5. 1. Messing . 13 5. 2. Procedure 15 5. 3. Results 21 6. Conclusion 25 1.Introduc tion:- The deciding step that passes any particular design is its stress analysis which gives the designer an insight that particular design would work or not, whether or not the esign is feasible for fabrication or further improvements are required. Stress analysis of any design not only includes the basic force and stress calculation in members but also the failure, deformation analysis of the complete assembly. Stress analysis can be done manually or by using any CAD tool like ANSYS etc.The results obtained from both solutions should match each other but there is always variation in the results. The variations can be due to ideal approximations in the manual calculations or any other assumed data. The report includes the stress analysis of a imple suspension system of a car; various assumptions are being made which are mentioned in respective sections of the report. The solution was done both manually and by using ANSYS and the results were really promising. The report includes f orce and stress analysis, failure analysis and deformation calculations.The report not only provides the reader with the stress calculations but also gives an insight of how proper stress analysis of real life problem can be done by using simple engineering formulas and techniques. Stress analysis of a simple suspension system of car. 3. CAD model:- The first step of any design is to make its CAD model which in our case is done by using CREO VI . 0. The Cad models are shown as follows: (Fig 3. 1 complete assembly) (Fig 3. 2 complete assembly) The above fgures show the cad model of whole assembly. The individual member models are also shown below: (Fig 3. 4 Hub) (Fig 3. 5 Connecting arm) (Fig 3. 6 spring) (Fig 3. Suspension arm) 5. ANSYS 5. 1. Messing: The details are provided according to ANSYS 13. 0 Mechanical APDL. Mesh size: smart size 1 5. 1. 2. Element type: PLANE182 2-D 4-Node Structural Solid 5. 1. 3. Element Description PLANE182 is used for 2-D modeling of solid structures. The element can be used as either a plane element (plane stress, plane strain or generalized plane strain) or an axisymmetric element. It is defined by four nodes having two degrees of freedom at each node: translations in the nodal x and y directions. The element has plasticity, hyperelasticity, stress stiffening, large deflection, and large strain capabilities.It also has mixed formulation capability for simulating deformations of nearly incompressible elastoplastic materials, and fully incompressible hyperelastic materials. The geometry and node locations for this element are shown in Figure 182. 1. The element input data includes four nodes and the orthotropic material properties. The default element coordinate system is along global directions. Element loads are described in Node and Element Loads. Pressures may be input as surface loads on the element faces as shown by the circled numbers on Figure 182. 1. Positive pressures act into the element. 5. 1. 4.For triangular element s where the or enhanced strain formulations are pecified, degenerated shape functions and a conventional integration scheme are used. 5. 2. Procedure:- Filter GUI for analysis of structural members (Fig 5. 2. 1) Select element type plane quad 4 nodes 182 (Fig 5. 2. 2) Select Linear, Elastic and Isotropic material type (Fig 5. 2. 3) Input youngs modulus of elasticity and Poisson's ratio to define material in Ansys (Fig 5. 2. 4) Mesh the area using the finest mesh for accurate results (smart size 1) (Fig 5. 2. 5) Apply Pressure on line and Restrict DOF for some nodes at the center to compensate Stress Stress Stress is the body reaction to a change that requires a physical, mental or emotional adjustment or response and this in turn can be linked to other fact Oars in any sporting situation. Some people may become more aggressive and others may find that levels of arousal are increased. ; Excitement or suspense can lead to tension. If this is happens before taking part in the activity it can result in tightness in the muscles which then could have a physical effect. Anxiety can make you feel uneasy and apprehensive both before and during our performance.When you are too anxious you can make mistakes. Some find some level of anxiety necessary to focus and prepare. ; Nervousness can add to your tension levels, making you feel more tense and even agitated to the point where a physical effect can take place e. G being sick or shaking. ; Motivation will almost certainly decrease Nearly everyone who has taken part in a physical activity has experienced some type of stress. Stress is more common when the focus is on one person. Stress

Registered Nurse Scholarship application Essay Example | Topics and Well Written Essays - 250 words

Registered Nurse application - Scholarship Essay Example It has always been my life-long dream to become a nurse but that dream had always been waylaid by other priorities in the past. This time though, I am intent on pursuing my dream of finally becoming a Registered Nurse. In that vein, I am hoping to secure a scholarship from your good office-for my course as a nursing student-in order to help me out with the financial aspect of my education. I am applying for the scholarship to lessen my financial burden, giving me enough money to continue supporting my family and my studies. I can assure you that I am not just hard working but ambitious and highly zealous when it comes to making my dreams come true. I would like to become a nurse for many reasons. As a nurse, I would like to help design and complete quality assurance activities to ensure appropriate nursing care. I would also like to help terminally ill patients die with dignity, and help family members deal with dying and death. I am also hoping that my acquired skills will help me provide a better future for my family. I would like to put my three children through school so I'm counting on the fact that, if granted the scholarship, I would be able to finish my own education while taking care of my children's schooling as well. I hope I will be given the chance to prove my capabilities as a diligent nursing student and as a worthy citizen contributing quality services to my community. I inte

Restorative Justice Article Example | Topics and Well Written Essays - 2500 words

Restorative Justice - Article Example With increasing incidence of crime in general and in particular among young people1, the past two decades have brought forth harsher legislation2 to deal with the problems of terrorism and deteriorating law and order, which seriously question former Prime Minister John Major’s contention that â€Å"we have no need of a Bill of Rights because we have freedom.†3 Anti-Social Behavior orders have been introduced by the crime and Disorder Act of 1998, specifically to deal with law and order problems among the youth and have a minimum period of two years, although they may also be imposed indefinitely to ensure that a repetition of antisocial behavior does not occur4. Anti Social Behavior Order was created in 1998 and in the short space of six months in 2004, produced a thousand arrests.5 This Order has allowed extended powers for the police department to tackle a wide range of anti-social behavior by unruly teenagers, including the kind of problems this community is faced with – vandalism and shoplifting. But the fact that must be faced is that the criminal justice system does not work, too many people are able to slip out of the net of the system because of the rigid requirements for evidence, delays in processing trials in courts, the difficulty of procuring witnesses to substantiate charges because of the element of fear, so that the end result favors the criminals rather than the law enforcement authorities, so perhaps such draconian measures are justified.6 However, Lord Macintosh of Haringey had spoken out on the provisions concerning public order in the Criminal Justice Act of 1994.